Southern Silver Announces Private Placement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/13/10 -- Southern Silver Exploration Corp. (TSX VENTURE: SSV)(FRANKFURT: SEG) reported today that the company proposes to issue up to a total of 20.0 million common shares in a non-brokered unit private placement at a price of C$0.10 per unit to raise up to gross proceeds of C$2,000,000. Each Unit consists of one common share and one share purchase warrant, with each warrant exercisable to purchase one additional common share at a price of $0.20 for a period of 2 years.
The proceeds from the private placement will be utilized to fund exploration projects on the Oro, San Luis and Cerro Las Minitas properties as well as for working capital. Finder's fees may be payable. The private placement and finder's fees are subject to regulatory approval.
About Southern Silver Exploration Corp.
Southern Silver Exploration Corp. is an emerging precious/base metal exploration company and a member of the Manex Resource Group; a private company comprised of an exceptional multi-disciplinary team of professionals, with specific expertise in all the areas of exploration, development and public company administration.
The company's growth strategy is to acquire, explore and develop high-quality properties in progressive jurisdictions within North America. Its current projects include the silver-lead-zinc Cerro Las Mintas, copper-gold-silver Minas de Ameca and the silver-zinc-lead Pinabete in Mexico, the porphyry copper-molybdenum project Dragoon in Arizona and the gold-silver project Oro in New Mexico.
Robert Macdonald (P.Geo) is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release.
On behalf of the Board of Directors
Lawrence Page, President, Southern Silver Exploration Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Southern Silver Exploration Corp.
Liana Shahinian
1.888.456.1112
liana@mnxltd.com
www.southernsilverexploration.com